Do corporate bond funds have a real impact on firm policies? In this paper, we examine whether fund herding alters the overall information environment of a firm’s credit risk, and thus affects the firm’s decision to issue bonds. Using the firm-level measure of herding by U.S. bond mutual...

We study the impacts of regime changes and related rule implementations on IPOs’ initial return for China’s entrepreneurial boards. We find that the most efficient regulation regime in China’s IPO pricing has four characteristics: 1) registration system, 2) no hard return caps and no...